Mutual of Omaha Retirement Services Offers ERISA 3(16) Service to Simplify 401(k) Plan Administration
OMAHA, Neb. – Mutual of Omaha Retirement Services is now offering 401(k) Admin Advantage SM, a service to help ease the day-to-day demands of plan administration while minimizing risks for plan sponsors and supporting the independent services of plan advisors and third party administrators.
“401(k) plan administration can be time consuming and overwhelming – especially for small to mid-size businesses,” said John Corrieri, vice president of 401(k) at Mutual of Omaha. “With 401(k) Admin Advantage SM, we serve as a co-fiduciary for certain administrative requirements, sharing regulatory obligations with plan sponsors. Plan administrators gain peace of mind knowing these duties are handled by experienced professionals who will work with their advisor and possible TPA, so they can focus on their business.”
Corrieri said plan sponsors can choose either or both of the two available service levels for a package that meets their specific needs.
- Level One - Participant Notice Distribution: electronic or print distribution of a comprehensive list of participant notices that are mandated by the Department of Labor and Internal Revenue Service
- Level Two - Transaction Processing: services related to reviewing participant requests and approving and processing transactions.
“We believe the addition of these services brings great value by simplifying plan administration. Plan administrators can be confident Mutual of Omaha will ease their workload and stand behind the services we provide,” Corrieri said.
For more information about Mutual of Omaha Retirement Services‘ 401(k) Admin AdvantageSM and other retirement products and services, visit www.sellretirementright.com. Group variable annuity contracts underwritten by United of Omaha Life Insurance Company in all states except New York. In New York, Companion Life Insurance Company, Lynbrook, N.Y., underwrites the group variable annuity. Each underwriting company is solely responsible for its own contractual and financial obligations.
Mutual of Omaha is a full-service, multi-line organization providing insurance, banking and financial products for individuals, businesses and groups throughout the United States.